NEW YORK (GenomeWeb News) - GeneNews today said second-quarter revenues tumbled 38 percent as R&D spending dropped 16 percent and net loss decreased by 7 percent.
Total receipts for the three months ended June 30 decreased to CA$540,000 (US$508,700) from CA$873,000 year over year.
The Toronto-based company said all its revenue for the second quarter of 2007 came from a $2 million prostate cancer biomarker research project it signed with an Asian biomedical consortium that it disclosed yesterday. Revenue for the prior-year period resulted from a collaboration agreement with Pfizer that ended in the first fiscal quarter of 2007.
R&D spending decreased to CA$1.8 million from CA$2.1 million year over year.
Net loss dipped to CA$1.8 million from CA$1.9 million in the year-ago period.
GeneNews said it had around CA$16.6 million in cash and cash equivalents as of June 30.
The company, which said its focus is currently on biomarker research and development for diagnostic products, did not offer revenue projections for the full year.